With the labor market unable to generate significant office-using employment, demand for space remains muted. It is therefore unsurprising that national vacancies have not declined much since they peaked at 17.6 percent in late 2010. Vacancies refused to budge during the second quarter, remaining at 17.0 percent. This is a nominal slowdown from the prior quarter’s 10 basis point decline in vacancy. The pace of the office sector’s recovery has been very weak: on a ...
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